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Several financial firms are vying to replace Goldman, which launched the credit card with Apple in 2019, the sources said. While other lenders are tempted by working with Apple, one of the world's most recognizable brands, they also viewed the original deal terms as risky and unprofitable, sources told Reuters in December 2023.
Goldman entered the consumer business nearly a decade ago, aiming to broaden its revenue beyond its traditional mainstays of trading and investment banking. By late 2022, the Wall Street powerhouse decided to scale down its retail ambitions after setting aside billions of dollars to cover potential losses in the business.
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